German insurer Allianz reports 3.3 billion euros in Greek holdings

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The German insurance giant Allianz said on Wednesday that it owned 3.3 billion euros (4.2 billion dollars) worth of Greek debt at the end of March, less than one percent of its total bond holdings.

The insurer also said it owned 14.3 billion euros worth of bonds issued by Greece, Ireland, Portugal and Spain, the eurozone countries most at risk of default.

"We do not expect any impact for the moment" from the Greek crisis, an Allianz statement said.

In late February, it had reported much lower exposure to Greek debt, at 900 million euros.

© 2010 AFP

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